Harnessing the potential of AI and data analytics for infonomics in developing countries: an architectural model and framework

Abstract

Purpose Infonomics applies economic principles to manage and use information as an economic asset. In today’s data-driven economy, information assets significantly contribute to economic growth. However, developing countries face challenges in realizing infonomics, primarily due to weak data infrastructure, privacy concerns and high technology costs. In light of these challenges, this study aims to present an architectural framework to optimize information assets for economic development. Design/methodology/approach This study uses a comprehensive literature review to identify best practices, practical insights and technological trends relevant to infonomics. The insights gained have informed the proposal of an architectural model and framework for implementing infonomics within artificial intelligence (AI) and a data-driven economy, particularly in the context of developing countries. Findings This research proposes an architectural model and framework for the efficient utilization of AI, data analytics and information assets within the field of infonomics to foster economic development in developing countries. The findings provide insights that enable these nations to strategically navigate the information landscape, thereby unlocking the latent value of information and advancing their progress toward sustainable development. Research limitations/implications The proposed model and framework emphasize the potential of infonomics in fostering economic growth. It also offers a systematic approach for developing countries to navigate the information landscape effectively. In this context, the findings clarify that the previously untapped value of information can lead to achievable outcomes and serve as pathways for sustainable growth. Originality/value To the best of the authors’ knowledge, this study is a crucial first step in unlocking the potential of AI, data analytics and information assets as drivers of innovation, competitive advantage and economic prosperity in developing countries.